I'd say a 3 piece model if it wereto look alot like the picture. Trunk, tentacles and eye stalk separate. To do it as a single piece the tentacles would have to run down the side of the body and probably the fingers would need to be flat on an integral base. You'd probably lose much of the vibe of the creature doing it this way.

edit: could be a 3 piece kit but a 2 piece casting if the eye stalk was cast coming out of the top of the body section.